(Photo: Reuters)The Trump administration has waived sanctions on the purchase of Iranian oil at sea for 30 days in its latest attempt to ease oil prices that have been driven up by the US-Israeli war on Iran. The US has not meaningfully imported Iranian oil since Washington imposed measures after the 1979 revolution. It was unclear whether any Iranian oil would end up in the country as a result of the waiver. Independent Chinese refiners have been the main buyers of sanctioned Iranian oil, taking advantage of deep discounts as others avoided such purchases. Bessent had telegraphed the move in an interview with Fox Business on Thursday, saying the release of the sanctioned Iranian oil into global supplies would help keep oil prices down for 10 to 14 days.
